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Berau Debt Workout Clouded by Caribbean Court Loan Dispute

ACE paid Raiffeisen Bank $50 million earlier this year to acquire soured loans whose collateral included, among other things, a 23.8 percent stake in London-based Asia Resource Minerals Plc, according to a Sept. 8 affidavit filed by ACE’s ultimate director Kin Chan in response to a suit from the lender. That was a crucial part of Sinarmas’s successful takeover. The other 15 percent of Berau Coal’s equity is owned by smaller shareholders, including mutual funds and individuals.
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